Hyundai Electronics eyes for 20-24 pct growth every year

Consumer durables firm Hyundai Electronics which had forayed into the Indian market Wednesday said it is eyeing a revenue of Rs 575 crore by FY20. Hyundai Electronics is an extended arm of Hyundai Corporation, the South Korean multinational headquartered in Seoul and will be operating through a licensing agreement in India.

The company will be focusing on Maharashtra, Uttar Pradesh, Rajasthan, West Bengal, Madhya Pradesh and Odisha initially and plans to have a pan-India presence by next financial year. It aims to capture at least 3 per cent in each of the states.

"In the next financial year, we are trying to do around Rs 575 crore of business and have 20-24 per cent growth every year," Hyundai Electronics chief executive officer Akshay Dhoot told reporters here. He added that the major focus area for the company would be refrigerators and washing machines that will contribute to 60 per cent of the turnover.

The company which is launching LED TVs, refrigerators, washing machines and air-conditioners will sell its products only in the brick-and-mortar stores. It also plans to enter other product segments -- personal care devices like shavers, trimmers, blow dryers, hair straighteners and kitchen appliances like cooker, mixer grinder, toasting equipment, oven and home surround sound. Dhoot said that they will not be looking at manufacturing any of the products and completely outsource it.

(With inputs from agencies.)